Posts Tagged ‘Income Tax’


Shred Week A Huge Success

Borgida & Company Clients Save the Planet While They Clean Up!

 

Dozens of clients joined in for our first “Shred Event” last week. Eight very full, heavy bins full of old financial documents, checkbooks, tax returns, etc. were shredded as relieved clients unloaded years of unneeded documentation. Over 1,800 pounds were collected last week.

Many people didn’t realize that by shredding their information, they are actually taking part in a “green initiative”. Shredded material gets recycled; and by using less … Continue reading »


4 Reasons NOT to Wait for Your K-1

Four on dices

Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1’s. This form documents the stockholders, partners, members or beneficiaries share of their profit or loss from the entity.  Don’t wait for this form to get started on your income tax return.


5 Proven Steps to Survive a Connecticut Labor Department Audit

Number five on the start of a running track

You received a notice of audit from the State of Connecticut Labor Department. What should you do?  Follow these 5 Proven Steps to Survive a Connecticut Labor Department Audit.

 

1) Give a Power of Attorney to Your CPA

To have your CPA represent you in front of the Connecticut Department of … Continue reading »


3 Proven Steps for Taxpayers to Survive Tax Season

 

melting ice cubes

1)Be Prepared

Ah yes, the Boy Scout Motto, “Be Prepared”.  It is very applicable to surviving tax season. How can you get prepared?  Start with completing your tax organizer.  We send these out to our clients in early January.  This will contain all of the prior year information.  Some clients don’t like filling out the tax organizer.  That’s fine. … Continue reading »


How to File Your Form 1099’s and Avoid IRS Penalties

moneyDetermine Who Needs to Be Issued a 1099

A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more.  An unincorporated business includes Limited Liability Companies (LLC’S), Partnerships and Sole Proprietors.   Additionally, a 1099 needs to be issued for all legal services rendered irrespective of whether the law firm is incorporated or not.

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